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Heartland Bank’s Walter Quinn Building Loan Settlement with Texas Bank

1 min read

Walter Quinn, a leading investor in Heartland Bank of Little Rock, is working through some financial difficulties in Oklahoma.

Quinn hopes to perfect a settlement agreement in the coming weeks regarding more than $5.3 million of delinquent debt owed to Prosperity Bank of El Campo, Texas.

The $21.5 billion-asset lender is pursuing a summary judgment in Tulsa’s U.S. District Court against Quinn and eight of his business concerns.

The other defendants include Quinn Investments Ltd., Quinn Management Co., RX Finance LLC, Rock Exploration LLC, Rock Oil & Gas LLC, Q F Holdings LLC, The Quinn Living Trust and the Walter Quinn Irrevocable Family Heritage Trust.

Prosperity inherited the two contentious loans through its 2014 acquisition of F&M Bank & Trust of Tulsa for a $255 million combination of stock and cash.

One loan originally totaled nearly $14.7 million and dated back to Sept. 28, 2012.

The outstanding balance, interest, late fees and expenses total more than $3.2 million as of April 13.

The other loan originally totaled $3 million and dates back to June 28, 2010. Outstanding tab as of April 13? More than $2.1 million.

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